Displaying items by tag: XPS
Tuesday, 11 June 2019 09:32
XPS scam warning on £73m of pension savings
XPS Pensions Group has uncovered a surge in the number of ‘red flags’ being reported on pension transfers, indicating warning signs of scam activity, from 13% in June 2018 to 34% in June 2019.
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Wednesday, 01 May 2019 10:55
XPS Pensions acquires DB scheme firm in £4.8m deal
XPS Pensions Group has bought RL Corporate Pension Services Limited from The Royal London Mutual Insurance Society.
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Tuesday, 16 April 2019 11:24
XPS says schemes must get ‘Pension Dashboard ready’
XPS Administration has called on pension schemes to get ready for the introduction of the Pensions Dashboard now.
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Friday, 15 March 2019 11:23
Transfer values rise £5k in Feb but then fall back
Pension transfer values as measured by Xafinity SIPP owner XPS increased by nearly £5,000 during February before dropping sharply to end unchanged over the month.
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Wednesday, 27 February 2019 13:01
XPS poaches 2 investment transition experts from JLT
Xafinity-owner XPS Pensions Group has added Susan Middleton and Julia Falk to its expanding specialist investment transitions team.
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Wednesday, 13 February 2019 10:46
Transfer values fluctuate but end January unchanged
Pension transfer values, as measured by the XPS Pensions Group Transfer Value Index, fluctuated moderately during January 2019, but with no overall change over the month.
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Thursday, 07 February 2019 10:39
XPS Pensions Group makes new senior hire
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Monday, 04 February 2019 12:29
Xafinity SIPP/SSAS reports £86m commercial property transactions
Xafinity SIPP and SSAS Services, part of the XPS Pensions Group, has reported an increased level of activity in commercial property transactions in 2018.
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Monday, 21 January 2019 10:46
XPS Pensions backs CDC pension proposal with caveats
XPS Pensions Group, the influential pension consulting and administration firm, has voiced its support for the government’s proposal to introduce Collective Defined Contribution pension schemes.
In November, the DWP detailed its plans for the new type of occupational pension scheme which will be subject to a 0.75% charge cap with the aim of keeping costs down. Royal Mail is already looking at introducing a CDC.
The government gave the green light last year for CDCs and plans to legislate for them in due course although critics have already warned it could take years for CDCs to arrive and they may risk fluctuating income for members in retirement because of their structure.
XPS says in its submission to the government on the proposal to introduce CDCs that they could provide “better outcomes” for employees than traditional DC schemes.
However, it said they may take choice away from members and present additional risks so it is “critical they are well designed and managed.”
XPS Pensions Group says there are three key areas the DWP and Pensions Regulator will need to consider to ensure the development of a successful CDC framework. These include:
1. Sustainability and resilience of CDC schemes for the future
2. How to ensure fairness of outcomes between generations
3. Member understanding and expectation
Consultation on CDCs ended last week.
Jacqui Woodward, senior consultant at XPS Pensions Group said: “In our view it will be possible to develop an appropriate disclosure framework that adequately communicates CDC benefits to members.
“However, we would caution against underestimating the risks of CDC schemes in the rush to get them established. It is worth taking time to make sure that the new types of scheme can offer a genuine and safe alternative to members and we look forward to providing our input to further consultations on the detailed design of CDC arrangements.”
In November, the DWP detailed its plans for the new type of occupational pension scheme which will be subject to a 0.75% charge cap with the aim of keeping costs down. Royal Mail is already looking at introducing a CDC.
The government gave the green light last year for CDCs and plans to legislate for them in due course although critics have already warned it could take years for CDCs to arrive and they may risk fluctuating income for members in retirement because of their structure.
XPS says in its submission to the government on the proposal to introduce CDCs that they could provide “better outcomes” for employees than traditional DC schemes.
However, it said they may take choice away from members and present additional risks so it is “critical they are well designed and managed.”
XPS Pensions Group says there are three key areas the DWP and Pensions Regulator will need to consider to ensure the development of a successful CDC framework. These include:
1. Sustainability and resilience of CDC schemes for the future
2. How to ensure fairness of outcomes between generations
3. Member understanding and expectation
Consultation on CDCs ended last week.
Jacqui Woodward, senior consultant at XPS Pensions Group said: “In our view it will be possible to develop an appropriate disclosure framework that adequately communicates CDC benefits to members.
“However, we would caution against underestimating the risks of CDC schemes in the rush to get them established. It is worth taking time to make sure that the new types of scheme can offer a genuine and safe alternative to members and we look forward to providing our input to further consultations on the detailed design of CDC arrangements.”
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Monday, 08 October 2018 12:30
Xafinity SIPP grows but warns sector is standing on a 'precipice'
Xafinity SIPP Services has reported strong annual growth with assets under administration hitting £2bn but warns that the SIPPs sector is standing on a “precipice.”
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